California Public Employees Retirement System portfolio

Pension or sovereign fund

Portfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

California Public Employees Retirement System reported a $177 bn portfolio of 1,055 companies (1,059 positions, counting each share class separately) to the SEC as of the end of Q2 2026. Its largest positions are VOO, IVV, NVDA.

Stock portfolio

$177 bn

Companies

1,055

1,059 positions (by CUSIP)Top 10: 43%

Turnover

14%

Copying its 13F, 5 years

—

Not calculated: not counted as a concentrated manager

Sections with a free account

What changed this quarter

967 positions with a change (447 added to, 519 trimmed, 1 sold); also, 1 entered through an IPO, 6 exited through an acquisition or merger, 3 entered through a spin-off. 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

iShares Core S&P 500 ETF+1,098%more sharesIncreased
0.5% → 6.4%
NVIDIA−33%fewer sharesReduced
7.3% → 5.2%
Apple−21%fewer sharesReduced
5.9% → 4.8%
Microsoft−28%fewer sharesReduced
5.0% → 3.3%
Vanguard S&P 500 ETF−8.7%fewer sharesReduced
12.4% → 11.9%
Lam Research−38%fewer sharesReduced
0.8% → 0.9%
Alphabet−17%fewer sharesReduced
2.6% → 2.4%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.

Top holdings

Vanguard S&P 500 ETFVOO11.9%
iShares Core S&P 500 ETFIVV6.4%
NVIDIANVDA5.2%
AppleAAPL4.8%
AlphabetGOOGL · GOOG4.3%
MicrosoftMSFT3.3%
BroadcomAVGO2.7%
Amazon.comAMZN2.5%
Micron TechnologyMU1.6%
Meta PlatformsMETA1.6%
TeslaTSLA1.3%
J P Morgan Exchange Traded FundJPHY1.1%
JPMorgan ChaseJPM1.0%
Advanced Micro DevicesAMD1.0%
KLAKLAC1.0%
Eli LillyLLY1.0%
Berkshire HathawayBRK/B · BRK/A1.0%
Lam ResearchLRCX0.9%
Applied MaterialsAMAT0.9%
Johnson & JohnsonJNJ0.7%
IntelINTC0.7%
WalmartWMT0.7%
Exxon MobilXOM0.6%
VisaV0.6%
CaterpillarCAT0.6%
MastercardMA0.6%
Costco WholesaleCOST0.5%
Bank of AmericaBAC0.5%
AbbVieABBV0.5%
Cisco SystemsCSCO0.5%
UnitedHealth GroupUNH0.5%
CitigroupC0.5%
Procter & GamblePG0.4%
GE AerospaceGE0.4%
SandiskSNDK0.4%
Coca-ColaKO0.4%
MerckMRK0.4%
Goldman Sachs GroupGS0.4%
Seagate Technology HoldingsSTX0.4%
Home DepotHD0.4%
GE VernovaGEV0.4%
ChevronCVX0.3%
Wells FargoWFC0.3%
Marvell TechnologyMRVL0.3%
NetflixNFLX0.3%
Palantir TechnologiesPLTR0.3%
AmgenAMGN0.3%
Verizon CommunicationsVZ0.3%
Western DigitalWDC0.3%
International Business MachinesIBM0.3%
Texas InstrumentsTXN0.3%
RTXRTX0.3%
Palo Alto NetworksPANW0.3%
DeereDE0.3%
AmphenolAPH0.3%
Morgan StanleyMS0.2%
CorningGLW0.2%
QualcommQCOM0.2%
LindeLIN0.2%
PfizerPFE0.2%
Bloom EnergyBE0.2%
Analog DevicesADI0.2%
UBER TechnologiesUBER0.2%
Arista NetworksANET0.2%
PepsicoPEP0.2%
OracleORCL0.2%
Nextera EnergyNEE0.2%
TJXTJX0.2%
Gilead SciencesGILD0.2%
WelltowerWELL0.2%
McDONALD’SMCD0.2%
Thermo Fisher ScientificTMO0.2%
At&tT0.2%
Nebius GroupNBIS0.2%
American ExpressAXP0.2%
CrowdStrike HoldingsCRWD0.2%
AccentureACN0.2%
Walt DisneyDIS0.2%
Monolithic Power SystemsMPWR0.2%
ProgressivePGR0.2%
PrologisPLD0.2%
Booking HoldingsBKNG0.2%
Union PacificUNP0.2%
ConocoPhillipsCOP0.2%
Charles SchwabSCHW0.2%
Vertiv HoldingsVRT0.1%
Bristol-myers SquibbBMY0.1%
AppLovinAPP0.1%
EatonETN0.1%
BlackRockBLK0.1%
SalesforceCRM0.1%
Intuitive SurgicalISRG0.1%
S&P GlobalSPGI0.1%
Parker-hannifinPH0.1%
DanaherDHR0.1%
Capital One FinancialCOF0.1%
CVS HealthCVS0.1%
Trane TechnologiesTT0.1%

Portfolio by sector

● Information Technology 31%
● No sector 19%
● Financials 9%
● Industrials 8%
● Communication Services 8%
● Consumer Discretionary 7%
● Health Care 7%
● Consumer Staples 3%
● Energy 2%
● Real Estate 2%
● Utilities 2%
● Materials 2%

13F filings with amendments or confidential positions

13F Q4 2024 ↗filed Feb 12, 2025Omitted positions (confidential)Amendment of Apr 23, 2025 (replaces the original) ↗

Declared options (1)

Besides stocks, California Public Employees Retirement System declared 1 put (they gain if the stock falls) with a notional of $11.0M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.

PUTBCEBCE$11.0M

Stakes above 5% (13D/13G)

Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.

How we classify it

Not counted as a concentrated manager: its portfolio is not within 5 to 100 positions; its top 10 positions are under 45%; it is a pension or sovereign fund; its 13F is the US slice of a global allocation. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided